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Velesto wins RM73 mln job for provision of jack-up drilling rig services

07/04/2021 10:15 PM

KUALA LUMPUR, April 7 -- Velesto Energy Bhd's wholly-owned subsidiary, Velesto Drilling Sdn Bhd has won a contract for the provision of jack-up drilling rig services for Sarawak Shell Bhd/ Sabah Shell Petroleum Company Ltd.

In a filing with Bursa Malaysia today, it said the contract is for its jack-up rig, namely NAGA 4, with an estimated contract value of US$17.68 million (RM73 million).

The contract is to drill seven firm wells for a period from Aug 15 - Oct 15, 2021 it added.

Velesto said the services is expected to contribute positively to the earnings and net assets of the group in the financial year ending Dec 31, 2021.

NAGA 4 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.


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